Is Apple Pay Secure Enough For Business Use?

Apple Pay was initially released in October 2014. It’s a mobile payment service developed by Apple and Kohl’s, which allows its users to make payments in person, via the web, and iOS apps. Apple Pay can be used by iPhones, iPads, Apple Watches, and Mac devices. 

However, is Apple Pay secure enough for business use? This is a question that you might be wondering if you want to start your own business and are thinking of using Apple Pay. 

The short answer is yes! Apple Pay is one of the most secure forms of payments, and is suitable for consumer and business use. 

Keep reading to find out more.

Is Apple Pay Secure Enough For Business Use?

Apple Pay is a very secure payment method, and it is used by millions. Over the years, Apple has spent millions to ensure that Apple Pay is as secure as it possibly can be – and it has done this successfully. 

The results of their hard work is a system that is incredibly secure, but also easy to use. 

Although there will always be limits and potential risk of security issues, Apple is certainly among the top in security and safety.

It has Near Field Communication (NFC) as well as six-digit passcodes to help ensure this, as well as device-unique Secure Element chips to keep personal and business payments secure. 

Not only that, but Apple will never share card details when any transaction goes through Apple Pay. This means that every payment you make will be private and incredibly secure.

Numbers from bank cards are not stored on the devices that get used for payments, either, and they are not kept on Apple’s servers.

No transaction information is ever kept by Apple at all, despite every user being able to view any of their recent purchases by using the Wallet app. 

Pros And Cons Of Using Apple Pay For Business Purposes

Like anything, there are always advantages and disadvantages to using technology and systems. We will briefly go over the pros and cons of using Apple Pay for business purposes in the sections below. 

Advantages Of Using Apple Pay For Business Purposes

The three advantages of using Apple Pay for your business needs include the following:

 

• • There is a high-reward credit card option to make use of

• • The payments are quick and very easy

• • All credit card data is secure

Thanks to the NFC-based payment system, it is very easy for all kinds of customers to make payments via their mobile phones. This means that you do not have to deal with cash, and worse – the waiting that comes with it.

It also means that you don’t need to wait for bank cards to be inserted and PINs or passcodes being entered, then waiting for the data to be processed at the terminal. 

Instead, payments are essentially immediate, and there is no waiting around necessary. No passcodes, no cards, no waiting. 

Not only that, but the security of Apple Pay is incredibly good. It has an anonymous, single-use token system that keeps things simple, but also safe.

Apple Pay also offers a high-reward credit card of its own to complement its easy and wonderful payment system as a cherry on top, too. 

Overall, it has a lot to offer, and ticks a lot of crucial boxes if you are thinking of using it in any capacity. 

However, there are also some disadvantages to run through before you should make up your mind. 

Disadvantages Of Using Apple Pay For Business Purposes

There are a few crucial limitations that come with the Apple Pay system that you should consider before using it for your business. These disadvantages are as follows:

 

• • The set-up could be potentially complex

• • It only works on newer iPhone models, specifically the iPhone 6 and above

• • The facial recognition system is not always reliable

The most important limitation is likely the middle one – the payment system is only compatible with iPhone 6 models and above. This is a big problem, as many users prefer to hold onto their old phones instead of spending thousands on a new one every year or two.

As such, many people will not be able to use the system even if they wanted to, making your life as a business potentially more difficult. 

However, as more people eventually upgrade their phones over time, this will become a non-issue.

The set-up issue will likely be a one-time problem that you encounter. While it might be a challenge, there are people that can help you with this to make the process a lot easier. 

Finally, the issue of facial recognition not always being reliable is nothing new. There will always be these kinds of issues to deal with, and it’s just something that needs to be worked around.

Final Thoughts 

So, Apple Pay is secure enough to be used in a business capacity, but you should take the time to go over the pros and cons before taking the leap. 

Overall, the pros do outweigh the cons in this case from an objective standpoint. However, this is something that every business will need to look into personally to determine for themselves. 

If security was the only thing stopping you from going ahead with using Apple Pay for business, then rest assured, it is secure. 

Learn more about Apple Pay in our resource hub. 

Frequently Asked Questions 

Can Apple Pay Be Used For Business Transactions? 

Yes, Apple Pay can easily be sued for business transactions.

Are Apple Pay Transactions Secure? 

Yes, Apple Pay transactions are secure, and therefore a great option for business and consumers. 

Why Is Apple Pay Good For Business?

Apple Pay is a good choice for business because there are no additional costs and fees that need to be paid in order to accept Apple Payments. It’s also secure and relatively easy to set up and run, so businesses often like to use it. 

Is Apple Pay Still A Popular Method Of Payment?

Yes, Apple Pay is still a very popular payment method used by millions around the world. However, it is only compatible for users who have the iPhone 6 or above.